CIC Completes $3.3M Funding Round
March 11 2014 - 10:01AM
Communication Intelligence Corporation ("CIC") (OTCQB:CICI), a
leading supplier of electronic signature and business document work
flow solutions, today announced that investors had fully subscribed
to the previously announced round of funding. Subscriptions were
made by a number of existing and new investors to provide working
capital and to convert all outstanding indebtedness to equity.
In the transaction, which had closings on December 31, 2013, and
on February 7 and March 6, 2014, investors subscribed to
approximately $3.3 million in units of CIC's most senior class of
equity, the Series D Preferred Stock, having a blended conversion
rate of approximately $0.0275 per share. Of this amount, $2,129,000
relates to signed subscription agreements for cash, and
approximately $1,150,000 relates to the conversion of principal of
certain unsecured promissory notes. Investors were also issued
warrants to purchase shares of Common Stock at an exercise price of
$0.0275 per share.
"In a complicated funding environment for nano- and micro-cap
companies, the full subscription of our approved funding round is a
testament both to the increasing appeal of e-signature market and
to CIC's unique positioning within it," said Philip Sassower,
chairman and chief executive officer for CIC. "We continue to see
strong investor support for the company and remain highly confident
in CIC's ability to meet its objectives in 2014 and beyond."
Additional information on this funding round is available in
CIC's Current Report on Form 8-K that was filed with Securities and
Exchange Commission on March 11, 2014, and is available at
www.sec.gov.
About CIC
CIC is a leading supplier of electronic signature products and
the recognized leader in biometric signature verification. CIC
enables companies to achieve truly paperless workflow in their
electronic business processes by providing multiple signature
technologies across virtually all applications. CIC's solutions are
available both in SaaS and on-premise delivery models and afford
"straight-through-processing," which can increase customer revenue
by enhancing user experience and can also reduce costs through
paperless and virtually error-free electronic transactions that can
be completed significantly quicker than paper-based procedures. CIC
is headquartered in Silicon Valley. For more information, please
visit our website at http://www.cic.com. CIC's logo is a trademark
of CIC.
Forward Looking Statements
Certain statements contained in this press release, including
without limitation, statements containing the words "believes",
"anticipates", "hopes", "intends", "expects", and other words of
similar import, constitute "forward looking" statements within the
meaning of the Private Litigation Reform Act of 1995. Such
statements involve known and unknown risks, uncertainties and other
factors, which may cause actual events to differ materially from
expectations. Such factors include the following (1) technological,
engineering, quality control or other circumstances which could
delay the sale or shipment of products containing the Company's
technology; (2) economic, business, market and competitive
conditions in the software industry and technological innovations
which could affect customer purchases of the Company's solutions;
(3) the Company's inability to protect its trade secrets or other
proprietary rights, operate without infringing upon the proprietary
rights of others or prevent others from infringing on the
proprietary rights of the Company; and (4) general economic and
business conditions and the availability of sufficient
financing.
CONTACT: CIC
Investor Relations & Media Inquiries:
Andrea Goren
+1.650.802.7723
agoren@cic.com
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